Guys, get your terminology correct. An aluminum flywheel reduces rotational inertia--it has no effect on torque or horsepower. However, it does effect rotational acceleration on a chassis dynometer. This shows up as increased torque (and horsepower as a function as rpm). An engine dynometer that measures brake hp would show no change.
In the real world, you've got to rev your engine a couple hundred rpm more when leaving from a light. Also, I know someone who had to change his launch technique at the drags. He had to lauch at 3000-3500rpm to get a decent 60' time. This would smoke the tires on my car, but he did fine, running a 1.8 60'. The quicker acceleration helped him run 11.8s in a "stock" viper! I've heard someone say before "less spin off the line, more spin at higher rpms."